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BB&T Mortgage Foreclosure Process

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BB&T Home Mortgage Foreclosure Process And Timeline.

The foreclosure process on the property can become a really tricky process for any homeowner so there are a few things that you should know while dealing with BB&T Mortgage. The whole thing start when you miss a payment on your loan and then department called Home Preservation Department will start the proceedings on the process.

What Are The Foreclosure Timeframes?

In the case of BB&T Mortgage Foreclosure process is different for different states and for even different counties. However there are some practices of foreclosures that govern the process in different states, For example, if you default on your loan you will receive a warning in writing that you have defaulted on the payment of your loan.

Notice of Intent (NOI) To Foreclose and Accelerate “Breach Letter”

Before the process is initiated you will be sent a notice called Notice of Intent (NOI) and after you have received a notice you will be given a specific time which is usually of 30 days.

The company sends notice Of Intent (NOI) to the borrower called stating that the borrower is in default of the payments. In some states, servicer accepts a payment to restart timeline then this notice has to be reissued. But, eventually, a time will come when the lender will no longer accept a payment and they will foreclose if the loan is not brought to current.

One thing that people do that works against them is that they fail to act on the NOI when they receive it. The moment that you do receive an NOI, contact us as soon as possible to start seeking a resolution to your mortgage delinquency.

If you pay the lender the payment you owe them they will prefer it over foreclosing your home. In the case of BB&T Mortgage, we can contact their home preservation specialist on your behalf.

Some people think that the foreclosure begins after 90 days of the missed payment deadline but in some states this begins as early as 61 days(when your third payment comes due) so this is another mistake that some people make, and in some cases you have an expired NOI within the last 18 months.

Different Types Of BB&T Foreclosures

The type of foreclosure that BB&T will perform depends on which state you are in and the county that your property is located in. BB&T does two types of foreclosures; the judicial foreclosure and the non-judicial foreclosure.

Non-Judicial Foreclosure Process

A foreclosure process that does not go through the courts is called a Non Judicial foreclosure. The local county files documents. In the first month, BB&T Mortgage will make a call to you asking the reason as to why you were unable to make the payment. A NOI will be issued to you in the second month. You will receive the Notice of Default (NOD) from the local trustee when you have missed the third payment. At that time you can work either to clear your debt or else your loan will be accelerated. This is where we can step in and help you apply for mortgage assistance relief programs.

The non-judicial foreclosure begins when the Notice of Default is fired off by the trustee to the county recorder’s office. Once this is done, the foreclosure process is officially underway.

Notice of Default (NOD)

when starting the foreclosure process notice of default is the first official document filed.  A lender can file a Notice Of Default only after the borrower is 90 days behind in the state of California (again keep in mind this is as of the date that the third payment comes due). The NOD contains information such as the name and address of the borrower, lender, and trustee. It also may contain the address of the mortgaged property, a description of the defaulted amount (past due payments), the action that can be done in order to prevent foreclosure, the date which the house can be paid for or cured by the borrower and a statement that denotes that the house will go up for sale if the default is not cured.

Notice of Trustee Sale (NTS/NOTS)

A Notice of Trustee is placed in front of the house that the property will be sold in an auction to inform the public that the borrower is in default of the loan. To give the notice of your default the trustee will also place a notice in a local publication as well as placing a notice on the property. As the homeowner, you may receive a notice of sale, a notice of default that is followed by a notice of sale or even see the notice by publication.

Once that has been accomplished, then a date and time is set and your house will be sold to the highest bidder.

Judicial Foreclosure Process

The foreclosure done in this way can continue even for years. When it comes to the judicial foreclosure, there are some basic steps that one should know.

After missing first payment, BB&T Mortgage will call you to ask you about payment and to ask when you will send your payment. BB&T Mortgage will continue with the collection but will also send you a notice of breach of contract also called NOI. You have the opportunity to bring your mortgage current within a period of 30 days.

To prepare a complaint to be filed in the court BB&T Mortgage will hire an attorney. The complaint will be filed in the county where the house is located.

After the complaint has been filed, you will receive a summon from the court. One thing worth knowing is that once you have received the summon you will have a specific time to respond(typically about 20-30 days). You are given the chance of filing an answer, if you do not file, you are allowing the lender a default judgment and hence, allowing your house to be reposed possibly sooner. However, if you do file an answer and with the proper defense, you may be able to halt the foreclosure process.

Lis Pendens

Lis Pendens is Latin for a suit pending. It is a written notice that is concerned with a real estate property.  The court clerk files the Lis Pendens, certifies that it has been filed and then it is recorded by the county recorder. The Lis Pendens informs the owner of the real estate property that a claim has been entered for the property and at the same time, the Lis Pendens informs all the buyers who are interested in the property that they are a potential claim against the property.

Power of Sale

In the lawsuit, the attorney will be asking the judge to grant a power of sale which means they can set a foreclosure sale date on your home.

In the event that the lender won the case that was filed against you, then a date and time are set for the house to be sold to the highest bidder.

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